| Record Retention Schedule |
|
| |
|
| Retention Records |
Period |
| |
|
| Accident reports/claims (settled
cases) |
7 years |
| Accounts payable ledgers and schedules
|
7 years |
| Accounts receivable ledgers and
schedules |
7 years |
| Audit reports |
Permanently |
| Bank reconciliations
|
2 years |
| Bank statements |
7 years |
| Capital stock and bond records;
ledgers, transfer registers stubs showing issues, record of
interest coupons, options, etc. |
Permanently |
| Cash books |
Permanently |
| Chart of accounts |
Permanently |
| Cancelled Checks (see exceptions)
|
7 years |
|
Exceptions:
|
|
- Cancelled checks for important payments, i.e. taxes,
purchases of property, special contracts, etc. Checks should
be filed with the papers pertaining to the underlying transaction.
- Cancelled checks related to capital contributions, distributions,
and loans to/from closely held companies as well as any
repayments of such loans. Checks should be filed with the
papers pertaining to the underlying transaction
|
Permanently
|
| Contracts, mortgages, notes and
leases (expired) |
7 years |
| Correspondence (general) |
3 years |
| Correspondence (legal and important
matters only) |
Permanently |
| Depreciation schedules |
Permanently |
| Duplicate deposit slips |
2 years |
| Employment applications |
3 years |
| Expense analyses/expense
distribution schedules |
7 years |
| Financial statements (year-end)
|
Permanently |
| Garnishments |
7 years |
| General/private ledgers, year-end
trial balance |
Permanently |
| Insurance policies (expired) |
3 years |
| Insurance records, current accident
reports, claims, policies, etc. |
Permanently |
| Internal audit reports (longer
retention periods may be desirable) |
3 years |
| Internal reports (miscellaneous)
|
3 years |
| Inventories of products, materials,
and supplies |
7 years |
| Invoices (to customers, from vendors)
|
7 years |
| Journals |
Permanently |
| Minute books of directors, stockholders,
bylaws, and charter |
Permanently |
| Notes receivable ledgers and schedules
|
7 years |
| Payroll records and summaries
|
7 years |
| Personnel files (terminated) |
7 years |
| Physical inventory tags |
3 years |
| Property appraisals by outside
appraisers |
Permanently |
| Property records, including costs,
depreciation reserves, year-end trial balances, depreciation
schedules, blueprints, and plans |
Permanently |
| Purchase orders (purchasing department
copy) |
7 years |
| Retirement and pension records
|
Permanently |
| Sales commission reports |
3 years |
| Sales records |
7 years |
| Scrap and salvage records (inventories,
sales, etc.) |
7 years |
| Stock and bond certificates (canceled)
|
7 years |
| Subsidiary ledgers |
7 years |
| Tax returns and worksheets, revenue
agents' reports, and other documents relating to determination
of income tax liability |
Permanently |
| Time books/cards |
7 years |
| Trademark registrations and copyrights
|
Permanently |
| Training manuals |
Permanently |
| Voucher register and schedules
|
7 years |
| Vouchers for payments to vendors,
employees, etc. (includes allowances and reimbursement
of employees, officers, etc. for travel and entertainment expenses) |
7 years |
| Withholding tax statements |
7 years |
|
|
|
| |
|
| |
|
|
